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battle (although Carl Icahn, an activist who has been known to call bosses “morons”, is one of its investors).
总部设在瑞典的激进维权投资基金（Cevian Capital）的联合创始人兼管理合伙人嘉戴尔（Christer 嘉戴尔）说：“公司的僵化在欧洲随处可见，”对于一个在幕后经营并以公共的压力为最后手段的公司来说，这是一个异常好战的声明。不像比尔·阿克曼的潘兴广场，保罗·辛格尔的艾略特管理公司以及丹尼尔·洛布的第三点管理公司那些大名鼎鼎的美国同行们一样，Cevian从未向首席执行官写过一封明确的公开信或发起代理战（尽管卡尔·伊坎，一位以称老板为“蠢货”而出名的活动家，是其投资者之一）。
Its calm approach seems to suit corporate Europe. Cevian is the region’s largest activist fund, and one of the world’s biggest, with over $15.4bn in assets. It was founded by Mr 嘉戴尔 and Lars Forberg in Stockholm in 2002; both still run it. Its “constructive” activism, focusing on only a dozen companies at a time, goes back to the founders’ time as chief executive and chief investment officer of Custos, a listed investment firm, in the mid-1990s.
其冷静方法似乎适合欧洲企业。Cevian是该地区最大的维权基金，也是世界上最大的维权基金之一，拥有超过154亿美元的资产。它由嘉戴尔和拉尔斯·福伯格两位于2002年在斯德哥尔摩创立的;两位现在仍掌管着它。它的“建设性”行动主义，即一次仅仅集中于关注十几家公司，追溯到20世纪90年代中期担任上市投资公司Custos的首席执行官兼首席投资官的创始人时期。
Although European corporate governance is often compared unfavourably with America’s, Mr 嘉戴尔 says it has many advantages. American management largely controls the process for nominating new board members, so an activist fund may need to wage a loud campaign just to get a seat at the table. In the countries where Cevian operates, its typical ownership stake of 5-20% is enough to easily, or even automatically, get a board seat. That said, it operates mainly in the Nordic countries, Britain, Germany and Switzerland, regarding governance in the wilds of southern Europe as too unpredictable.
尽管欧洲公司的治理往往比不过美国的公司，但嘉戴尔说它具有很多优势。美国管理层主要控制提名新董事会成员的过程，因此维权基金仅仅获得会议的一席之位都可能需要发动大力宣传才行。在Cevian运营所在的这些国家中，典型的5-20％股权足以容易地，甚至自动获得董事会席位。即便如此，它主要在像英国，德国和瑞士这样的北欧国家运营，因为在南欧偏远地区的治理具有不可预测性。
Its
signature move
is
splitting up
or
spinning off
parts of companies, a
tactic
for which Mr 嘉戴尔 earned the
moniker
of “butcher” from the Swedish press in the mid-2000s. Cevian believes that many
conglomerate
structures are too sprawling, and that simplifying them can be better both for managers (who will have an easier time running more focused companies) and for shareholders (who will have an easier time valuing them).
它的招牌动作是将公司的各个部分分裂或脱离，嘉戴尔因这种策略在二十一世纪中期从瑞典媒体获得了“刽子手”的绰号。 Cevian认为，许多大型企业集团结构过于庞大，对于管理者（谁将有空闲时间运营更多集中公司）和股东（谁将有空闲时间评估他们）来说，简化它们会更好。
